LegalCaseDocs.com
shopping cart  
  |     
Search
 

 
New Visitors


 VeriSign Secure Site

 Get Adobe Reader

AMERICA ONLINE Click to find out why . . .



Keywords & Phrases
CaseNo: AO70981, CourtName: CLASS ACTION CASES, State: VA Virginia, UniqueCaseRef: LCD>AO70981, Aol, Entry, America Online, Stock, Lennert, Motion, Subscriber, David, Complaint, Orman, James, Walter, Subscriber Acquisition Costs, Reports, Securities Exchange Act, Haig, Exchange Act, Kimsey, Ernst, Lead Pltfs, Motion Hearing Set, Shares, Magistrate Judge, Janice Brandt, David Cole, Alexander, Matthew Korn, Theodore Leonsis, Villanueva, Llp, Accounting, Artificially Inflated Prices, Memorandum, Revenue, Profits, Miklos Wechter, Connection, Goldsmith, Gina Florens, Lee Ross, Sold , ContentID: 120246185

Case Documents
1 1998-04-22 DOCKET
[ see first page and extracted highlights below  ] ItemID: 114246
51 pages
PDF
2 1997-02-24 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 114245
181 pages
PDF
Total Documents: 2 documents , 232 pages
Price: $ 24.95


IVESLCD01 KGI0001
 
 

 Forgot your password?


1 . DOCKET

EXTRACTED KEY WORDS
AMERICA ONLINE
LENNERT
MOTION
DAVID
COMPLAINT
ORMAN
JAMES
WALTER
PLAINTIFFS
SECURITIES EXCHANGE ACT
HAIG
EXCHANGE ACT
KIMSEY
ERNST
LEAD PLTFS
MOTION HEARING SET
MAGISTRATE JUDGE
JANICE BRANDT
DAVID COLE
ALEXANDER
MATTHEW KORN
THEODORE LEONSIS
VILLANUEVA
LLP
MEMORANDUM
MIKLOS WECHTER
GOLDSMITH
GINA FLORENS
LEE ROSS


Docket as of April 22, 1998
 Proceedings include all events.
1:97cv264     Orman, et al v. America Online, Inc., et al
JURY

PROTO
                                                            JURY   PROTO
                       U.S. District Court
            Eastern District of Virginia (Alexandria)
                CIVIL DOCKET FOR CASE #: 97-CV-264
 Orman, et al v. America Online, Inc., et al                 Filed:
02/24/97
Assigned to: Judge Unassigned                Jury demand: Plaintiff
Demand: $0,000                               Nature of Suit:  850
Lead Docket: None                            Jurisdiction: Federal
Question
Dkt# in other court: None
 Cause: 15:78m(a) Securities Exchange Act
  DAVID ORMAN, Trustee              Craig Crandall Reilly
     plaintiff                    [COR LD NTC]
                                  Richards, McGettigan, Reilly &
                                  West, P.C.
                                  225 Reinekers Lane
                                  Suite 700
                                  Alexandria, VA 22314
                                  (703) 549-5353
                                   Michael McGettigan
                                  [COR LD NTC]
                                  Richards, McGettigan, Reilly &
                                  West, P.C.
                                  Suite 700
                                  King Street Station
                                  225 Reinekers Lane
                                  Alexandria, VA 22314-2822
                                  (703) 549-5353
                                   Keith M. Fleischman
                                  [COR LD NTC]
                                  Miberg Weiss Bershad Hynes &
                                  Lerach LLP
                                  One Pennsylvania Plaza
                                  New York, NY 10119-0165
                                  ****NA****
                                  (212) 594-5300
                                   Ariana J. Tadler
                                  [COR LD NTC]
                                  Milberg Weiss Bershad Hynes &
SNIPPETS:
  • 1:97cv264 Orman, et al v. America Online, Inc., et al
  • Dkt# in other court: None Cause: 15:78mSecurities Exchange Act
  • 2/24/97 -- Jury Trial Flag [Entry date 03/03/97]
  • service by SPS as to America Online, Inc., Janice Brandt,
  • Kimsey, Matthew Korn, Lennert J. Leader, Theodore Leonsis,
  • Virginia as to Ellen Kirsch, Miles Gilburne, James Andress,
  • 3/3/97 3 SUMMONS Returned Executed as to Ernst & Young, LLP
  • 3/3/97 5 SUMMONS Returned Executed as to David Cole 2/25/97 Answer
  • 3/3/97 7 SUMMONS Returned Executed as to Theodore Leonsis
  • 3/3/97 8 SUMMONS Returned Executed as to Janice Brandt 2/25/97
  • 3/3/97 11 SUMMONS Returned Executed as to Alexander M. Haig Jr.
  • 3/3/97 13 SUMMONS Returned Executed as to Matthew Korn 2/24/97 Answer
  • 3/3/97 14 SUMMONS Returned Executed as to Lennert J. Leader
  • respond to the complaint until 4/18/97 - ent & filed (
  • 3/31/97 24 SUMMONS Returned Executed as to Jean N. Villanueva
  • yes 4/2/97 26 Consent Order to establish briefing schedule for motion to
  • 4/9/97 31 RESPONSE by David Orman, Gary D. Walter, Scott D. Walter,
  • Goldsmith, Gina Florens, Miklos Wechter, Timothy D. Baker,
  • Lee Ross to motion by defendants to exceed page
  • 4/18/97 34 NOTICE of Hearing: Motion Hearing set for 10:00
  • for motion by Ernst & Young, LLP to Dismiss 4/18/97 35 MOTION by defendantsssssssssssss to
  • Plaintiffs pursuant to 21dof the Securities
  • Exchange Act of 1934 and for Appointment of Lead Pltfs' Co-Lead Counsel
  • signed by Magistrate Judge Barry R. Poretz) Copies Mailed:

  • 2 . COMPLAINT

    EXTRACTED KEY WORDS
    STOCK
    DEFENDANT
    SUBSCRIBER
    SUBSCRIBER ACQUISITION COSTS
    AMERICA ONLINE
    REPORTS
    BUSINESS
    SHARES
    PLAINTIFF
    ACCOUNTING
    ARTIFICIALLY INFLATED PRICES
    REVENUE
    PROFITS
    CONNECTION
    SOLD
    ACCOUNTING PRACTICES
    MANAGEMENT
    FRAUDULENT SCHEME
    DEFERRED SUBSCRIBER ACQUISITION
    CORPORATE OFFICERS
    SUBSCRIBER USAGE
    FINANCIAL STATEMENTS
    OPERATING PLANS
    BUSINESS PROSPECTS
    FEDERAL SECURITIES LAWS
    MARKETING EXPENDITURES
    REPRESENTATIONS
    ANALYST REPORTS
    MANAGEMENT MEETINGS
    
    
    RICHARDS McGETTIGAN REILLY
          & WEST, P.C.
    MICHAEL McGETTIGAN (VSB#13426)
    CRAIG C. REILLY (VSB#20942)
    Suite 700, King Street Station
    225 Reinekers Lane
    Alexandria, VA 22314
    Telephone: 703/549-5353
    
    MILBERG WEISS BERSHAD
         HYNES & LERACH LLP
    WILLIAM S. LERACH
    600 West Broadway, Suite 1800
    San Diego, CA 92101
    Telephone: 619/231-1058
            - and -
    KEITH M. FLEISCHMAN
    SAMUEL H. RUDMAN
    One Pennsylvania Plaza
    New York, NY 10119-0165
    Telephone: 212/594-5300
    
    Attorneys for Plaintiffs
    
    [Additional counsel appear on signature page.]
    
                          UNITED STATES DISTRICT COURT
    
                          EASTERN DISTRICT OF VIRGINIA
    
                                 ALEXANDRIA DIVISION
    
    DAVID ORMAN, TRUSTEE, GARY D.              ) Civ. No. [97-CV-00264]
    WALTER, SCOTT D. WALTER, JASON             )
    RAFFENAUD, BARBARA Y. WALTER,              ) CLASS ACTION
    TADRIC PAGE, BERNARD GOLDSMITH,            )
    GINA FLORENS, MIKLOS WECHTER,              )
    TIMOTHY BAKER and LEE ROSS, On             )
    Behalf of Themselves and All Others )
    Similarly Situated,                        ))
                               Plaintiffs,     )
            vs.                                ) CLASS ACTION COMPLAINT FOR
                                               ) VIOLATION OF THE SECURITIES
    AMERICA ONLINE, INC., STEPHEN M.           ) AND EXCHANGE ACT OF 1934
    CASE, JAMES G. ANDRESS, JANICE             ) [filed Feb. 24, 1997]
    BRANDT, FRANK J. CAUFIELD, DAVID           )
    COLE, MICHAEL M. CONNORS, JOHN L.          )
    
    SNIPPETS:
  • to pursue remedies under the federal securities laws.
  • AOL provides
  • AOL's largest single asset -- " Deferred Subscriber Acquisition
  • marketing expenditures to try to attract subscribers to its system.
  • conformity with Generally Accepted Accounting Principles,
  • of hundreds of millions of subscriber acquisition costs (basically
  • representations materially false and misleading when made.
  • AOL's stock soared to an all-time high of $71 per share in May
  • appropriateness of AOL's accounting practices,
  • prior years rather than the profits it had claimed,
  • Kimsey sold 82% of his AOL stock -- 651,000 shares at
  • AOL's cofounder, Chairman and CEO, defendant Stephen Case, sold
  • AOL's business appeared
  • -- all while reporting large revenue and operating profit gains.2
  • Excluding certain mandated one-time charges to write off purchased research and development
  • AOL's top management discussed with middle management the need to
  • subscriber usage on AOL stock prices was not only recognized by
  • Research Department generated the initial subscriber usage reports,
  • ignored in order to accomplish their fraudulent scheme.
  • America Online, Inc. Total Net Deferred Subscriber Acq Costs
  • * AOL however did not want to pay taxes on the phony profits its bogus accounting practices
  • Plaintiff Gary D. Walter purchased 30 shares of AOL
  • corporate documents (including the Company's operating plans,
  • and future business prospects via access to internal corporate
  •    |